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Exchange rate falls across forex markets despite improved dollar supply

 

Naira, dollar, CBN, Exchange rate falls across forex markets despite improved dollar supply

Thursday, 16th December 2021: The exchange rate between the naira and the US dollar closed at N415.05/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated against the US dollar on Thursday to close at N415.05/$1. This represents a 0.2% drop when compared to the N414.25 that was recorded in the previous trading sessions as the pressure on the country’s external reserves continued with a decline of $24 million.

Also, the naira depreciated marginally against the US dollar on Thursday as it closed at N572.5/$1. This represents a 50 kobo drop when compared to the N572/$1 that was recorded in the previous trading session. 

The local currency fell at the official market despite 86.4% improvement in dollar supply during Thursday’s trading session.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window depreciated to close at N415.05/$1 on Thursday, representing an 80 Kobo drop when compared to the N414.25/$1 that was recorded at the last trading session.

The opening indicative rate depreciated to close at N414.13/$1 on Thursday, December 16, which represents a 26 kobo drop when compared to the N413.87/$1 that was recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.05/$1, while it sold for as low as N405/$1 during intra-day trading.

Forex turnover at the official window rose by 86.4% to trade at $331.11 million on Thursday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $177.60 million on Wednesday 15th December 2021, to $331.11 million on Thursday 16th December 2021.

Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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